达刚控股2025年中报简析：增收不增利，盈利能力上升

Financial Performance - The company reported total revenue of 86.58 million yuan for the first half of 2025, an increase of 12.18% year-on-year [1] - The net profit attributable to shareholders was -16.17 million yuan, a decrease of 11.95% year-on-year [1] - In Q2 2025, total revenue reached 51.53 million yuan, showing a significant increase of 50.6% year-on-year [1] - The net profit for Q2 2025 was -10.64 million yuan, down 8.44% year-on-year [1] Profitability Metrics - The gross margin improved to 29.45%, reflecting a year-on-year increase of 41.6% [1] - The net margin was -19.97%, with a slight improvement of 0.99% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 30.64 million yuan, accounting for 35.39% of revenue, an increase of 12.75% year-on-year [1] Cash Flow and Financial Health - The company reported cash and cash equivalents of 59.67 million yuan, a decrease of 59.93% year-on-year [1] - Accounts receivable decreased to 161 million yuan, down 19.70% year-on-year [1] - Interest-bearing debt was reduced to 54.77 million yuan, a decrease of 53.42% year-on-year [1] - Operating cash flow per share improved to 0.01 yuan, a significant increase of 124.87% year-on-year [1] Historical Performance and Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.34% over the past decade [3] - The worst year for ROIC was 2022, which recorded -23.86% [3] - The company has reported losses in three out of its fourteen annual reports since going public, indicating a fragile business model [3] Financial Ratios and Recommendations - The ratio of cash to current liabilities is 67.79%, indicating potential liquidity concerns [3] - Financial expenses have reached 114.44% of the average operating cash flow over the past three years, suggesting high financial burden [3]